USD cash and T-bills stay at regulated banking partners while Bybit credits borrowed USDT into UTA, giving funds CEX margin without parking collateral on Bybit. After the FBI pinned the February 2025 Bybit theft at roughly $1.5B, that moves the biggest treasury exposure off-exchange while leaving liquidation and USDT loan risk inside Bybit’s Risk Unit UID. The next venue fight is prime-broker plumbing: turning T-bills into perps/options buying power across Spot, Margin, Perpetuals, and Options.

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